Overview
KLNB Multifamily Capital Markets, as exclusive agent, is pleased to present the opportunity to acquire Barracks West, a 324-unit townhome and apartment community located in Charlottesville, Virginia. The partially renovated Property features a swimming pool, fitness center, dog park, playground, picnic area, and more.
The Property is located just two miles north of the city’s largest employer, the University of Virginia. UVA is the third best public university in the country and is a critical component to both local and state economies. The presence of the university not only attracts an educated workforce but also generates approximately $5.9 billion in economic impact and supports more than 50,000 jobs. The University also funds and operates the UVA Health System, a leader in medical innovation and host to the #1 hospital in the state. Innovation and economic growth have been prioritized in Charlottesville, evidenced by the 560-acre North Fork Discovery Park that is home to start-ups, science and technology firms, government agencies, academic institutions, and non-profits
Investment Highlights
- Value-Add Potential: Over 90% of units are unrenovated, with rent premiums of $200+ on updated units.
- Strong Leasing Performance: Recent leases show a 14.2% rent increase over in-place averages.
- Upside Potential: In-place rents are well below the Class B average, offering room for growth.
- Attractive Assumable Financing: Attractive $36M loan with 85 months remaining at 3.2%, including 25 months of interest-only.
- High Barriers to Entry: Challenging zoning and entitlement processes in Albemarle County have driven rent growth and market stability.
- Control & Expand: Opportunity to acquire remaining 40 privately owned units and collapse the condo association.
- Market Strength: Charlottesville's apartment market competes with major Mid-Atlantic markets, supported by large employers like UVA and Sentara Healthcare.
Photo Gallery
Contact Us
